Ag Minute: Gary Gensler stepping down as CFTC chairman

Commodity Futures Trading Commission Chairman Gary Gensler plans to step down and leave the agency by the end of the year, according to news reports.

Gensler, who has been chairman for the past five years, has often been criticized for the commission’s handling of high-profile issues during his tenure, including the collapse of the commodity brokerage firm MF Global in 2011.

Gensler played an intimate role in crafting the Dodd-Frank legislation in 2010 that was designed to prevent future market collapse by making the derivative market more transparent. There is no word yet on Gensler’s likely replacement, but several people, including current Commissioner Mark Wetjen are rumored to be considered possible successors.